Remitly Global (NASDAQ:RELY) Downgraded to Hold Rating by Wall Street Zen

Key Points

• Remitly Global has been downgraded from a "buy" to a "hold" rating by Wall Street Zen, reflecting recent caution from analysts.
• Despite the downgrade, other analysts, including Barclays and Goldman Sachs, have raised their target prices for the stock, indicating a mixed outlook with an average target price of $29.00.
• Remitly Global reported disappointing quarterly earnings, with earnings per share of $0.04 missing analysts' expectations by $0.14, although revenue saw a year-over-year increase of 34.4%.

Remitly Global (NASDAQ:RELY - Get Free Report) was downgraded by equities researchers at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Saturday.

Several other brokerages also recently weighed in on RELY. Barclays upped their price objective on Remitly Global from $24.00 to $27.00 and gave the stock an "overweight" rating in a research report on Monday, May 12th. Monness Crespi & Hardt increased their target price on Remitly Global from $30.00 to $32.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. The Goldman Sachs Group increased their target price on Remitly Global from $23.00 to $26.00 and gave the company a "buy" rating in a research report on Thursday, May 8th. Finally, KeyCorp reiterated an "overweight" rating and issued a $28.00 target price (up from $27.00) on shares of Remitly Global in a research report on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Remitly Global presently has an average rating of "Moderate Buy" and an average target price of $29.00.

Remitly Global Price Performance

Shares of RELY stock traded down $0.37 on Friday, hitting $19.08. 420,364 shares of the company's stock were exchanged, compared to its average volume of 2,960,749. Remitly Global has a 12 month low of $12.43 and a 12 month high of $27.32. The stock has a market cap of $3.93 billion, a P/E ratio of 317.50 and a beta of 0.13. The company has a 50 day moving average of $18.12 and a 200 day moving average of $20.19.

Remitly Global (NASDAQ:RELY - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The financial services provider reported $0.04 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.14). Remitly Global had a return on equity of 2.31% and a net margin of 0.96%.The business had revenue of $411.85 million for the quarter, compared to the consensus estimate of $384.59 million. During the same quarter in the prior year, the company earned ($0.06) earnings per share. Remitly Global's quarterly revenue was up 34.4% compared to the same quarter last year. Sell-side analysts predict that Remitly Global will post -0.04 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Pankaj Sharma sold 4,000 shares of the stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $20.00, for a total transaction of $80,000.00. Following the transaction, the insider directly owned 182,926 shares of the company's stock, valued at $3,658,520. This represents a 2.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew B. Oppenheimer sold 14,583 shares of the stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $17.28, for a total transaction of $251,994.24. Following the transaction, the chief executive officer directly owned 4,212,849 shares in the company, valued at approximately $72,798,030.72. This represents a 0.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 84,360 shares of company stock worth $1,579,449. Corporate insiders own 8.10% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of RELY. Elequin Capital LP bought a new stake in Remitly Global during the first quarter worth $30,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in Remitly Global during the first quarter worth about $41,000. Exchange Traded Concepts LLC purchased a new position in shares of Remitly Global in the 1st quarter worth about $46,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Remitly Global in the 1st quarter worth about $66,000. Finally, Flaharty Asset Management LLC purchased a new position in shares of Remitly Global in the 1st quarter worth about $94,000. Hedge funds and other institutional investors own 74.25% of the company's stock.

About Remitly Global

Remitly Global, Inc provides digital financial services for immigrants and their families. It primarily offers cross-border remittance services in approximately 170 countries. The company was incorporated in 2011 and is headquartered in Seattle, Washington.